Sensex, Nifty choppy but Midcap, Smallcap continue to gain 1%

Moneycontrol Bureau12:54 pm Market update: Benchmark indices were near day's low. The Sensex was down 77.11 points at 27750.42 and the Nifty down 21.05 points at 8570.20.About 1665 shares advanced against 755 declining shares on the BSE.Off 52-Week Highs12:37 pm Europe opens: European stocks opened sharply lower as concerns over the systemic risk posed by German banks weighed on investor sentiment.

The pan-European STOXX 600 was down 1.3 percent.

European stocks follwed the trend in Asia's trading session where markets were lower across the board on the final trading day of the quarter, after concerns over Deutsche Bank's stability drove down sentiment in US markets Thursday.

12:17 pm Outlook: Anish Damania, CEO and Head - Institutional Equities, IDFC Securities, said the broking firm is sticking to its Nifty target of 8,900 and said that it does not expect a major correction in stocks arising out of yesterday's border skirmish between India and Pakistan."Midcaps, however, could see further correction," he said.IDFC recently did a roadshow in Australia, from where India gets about USD 6-7 billion of inflows. Damania said investor interest from the country remains strong.Also read - Govt notifies MPC; to decide interest rates in October 4 policy12:00 pm Market Check